National-Oilwell Varco, Inc. (NYSE:NOV)

Q: Hey Chip, Just saw your post about NOV.  I bought at 35...should I consider selling or hold onto it a big longer? Regards, Jim A: We issued a Downtrend alert on shares of NOV @ $35.36 back on June 17th.  That was the day it tested the 50-day moving average.  It has since gone down to support at the 200-day moving average and may likely try and find a base there from which to rally.  We will need to see some evidence of a rally before an Uptrend can be confirmed.  You should watch those levels carefully because if a stock goes below its 200-day for too long, potential sellers get anxious.  Failure there would mean mid-20s for NOV as that is where it last had support.

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